Thanks Tom.

Could you give me a general idea of how this scenario is or is not ok? Rental income of $1060 per month, minus around $100 per month for agents fees. We are looking at interest only setup of around $975 per month as a buffer zone but will aim to pay the full P&I of about $1341 per month. Add a further $160 per month for rates and insurance. The loan is for $225K, the actual cost of the property will be around $215K.

As a first time investor who has been scared off in the past, I was hoping for expert opinions from those on the forum whether the above scenario is workable or run from the deal. We need to pay a holding deposit of $1000 by Tuesday (is this refundable if we pull out by the way? Our deal is subject to finance/building & pest inspection and November settlement). My income is at the lower end of the scale as per my first post. I want to assume my wife won't go back to work next year so I don't over commit should this be the case.

Thanks in advance.